The concept of utility is
A) subjective so that there can be no true measurement of someone's utility.
B) subjective so measurement of someone's utility must be done scientifically.
C) objective so that devices can be developed that would measure a person's utility.
D) objective so that psychologists can measure utility and compare one person's utility with that of another person.
Answer: A
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The theory of optimum currency areas predicts that
A) floating exchange rates are most appropriate for areas closely integrated through international trade and factor movements. B) fixed exchange rates are most appropriate for areas that are loosely integrated through international trade and factor movements. C) fixed exchange rates are most appropriate for areas closely integrated through international trade and factor movements. D) floating exchange rates are most appropriate for all countries in Europe. E) fixed exchange rates are most appropriate for all countries in Europe.
The consumption function shows the relationship between real consumption spending and
a. real wealth b. the interest rate c. expectations d. real disposable income e. debt